Office Sector is Well-Positioned for Continued Long-term Growth
Despite the negative factors and volatility that have affected the national economic market, the Central Florida Office market shifted towards a favorable direction in key fundamentals. As a result, overall absorption remained marginally better than previous quarters as office-using employment rose, adding over 20,000 jobs, keeping demand for office space positive. In addition, the organic growth of companies already present in the market continued to be the catalyst for filling space and retaining existing space. Although there was an uptick in tenant activity, for many companies, due to economic uncertainty, a mixed-bag of decision making on office space needs is present, prompting only small increases in absorption resulting in 68,700 sq. ft. of positive absorption during the quarter.
